EFTA01976464.pdf

To: McCaffrey, Carlyn From: Jeffrey Epstein Sent Sat 11/17/2012 1:44:13 PM Subject: Re: (WARNING: MESSAGE ENCRYPTEDJFW: Leon Black - form 709 now that i see you already awake? ive read many of the creditor cases , including the group i sent. possible idea 1. either before or after we change to an adversarial trustee. , leon gifts the right to dcbra. .. I can find no case that deals with the compound transaction of cutting off a trust right to spouse. ( a right especially that cannot invade the whole trust. ) not the settlor - though fraudulent transfer etc. could apply. 2. decant the trust. . 3. new three- tiered partnership. is management interest residual interest and preferred. ( coupon of preferred to be discussed, may be variable ) 4. decide on rectifying payout mistake not related to "relevant coS 5. Since the trust is a partner in black family partners can we reorg the partnership so that it cannot distribute any cash to 2006 trust „ hence no trust acct income. . and Icon gets his money through the gp interest instead.? Im around all weekend at 212 772 9416 home MM. On Sat, Nov 17, 2012 at 7:45 AM, McCaffrey, Carlyn wrote: Leon's 709 shows that he still had $1.74 million of gift tax credit left at the beginning of 2012. Can one of you check to see if he's made any taxable gifts during 2012 so that we know how much he has left. If he hasn't made any further gifts, the simplest approach is probably to have him make a gift to his 1997 GST exempt trust. Carlyn S. McCaffrey Partner McDermott Will & Emery LLP New York, NY 10173 www.mwe.com From: Kirschner, Elyse Sent: Friday, November 16, 2012 5:58 PM To: McCaffrey, Carlyn Subject: FW: Leon Black - form 709 Here's Leon's 2011 gift tax return (the code to open the return is 10018). Leon used $1.0 million of his gift tax credit through 2010. In 2011, he made taxable gifts of $2374 million. So, he still has about $1.74 million of his credit left. EFTA_R1_0Ck182834 EFTA01976464 He used $3.5 million of his GST exemption. He should just make a gift of $1.5 million to his 1997 GST exempt trust. Elyse G. Kirschner I Partner McDermott Will & Emery LLP New York, NY 10173 www.mwe.com From: Thomas Turrin [mailto Sent: Friday, November 16, 2012 5:34 PM To: Kirschner, Elyse Subject: RE: Leon Black - form 709 Elyse, The p/w is my office zip code. I will send Debra's on Monday. Best, Tom THOMAS TURRIN, CPA Partner Raich Ende Malter & Co. LLP EFTA_R1_00462635 EFTA01976465 New York, New York 10018 E at 404) Direct line) Fax) Cell) Email: Website: www.rem-co.com From: Kirschner, Elyse [mailto Sent: Friday, November 16, 2012 3:55 PM To: Thomas Turrin Subject: RE: Leon Black Thanks. Can you send me Debra's too? Elyse G. Kirschner I Partner McDermott Emery LLP ew York, NY 10173 www.mwe.com From: Thomas Turrin [meal Sent: Friday, November 16, 2012 3:54 PM To: Kirschner, Elyse Subject: RE: Leon Black I will forward it to you a little later. EFTA_R1_00462636 EFTA01976466 THOMAS TURRIN, CPA Partner Raich Ende Malter & Co. LLP New York, New York 10018 at 404) Direct line) Fax) Cell) Email: www.rem-co.com From: Kirschner, Elyse Sent: Friday, November 16, 20 : To: Thomas Turrin Subject: Leon Black Torn, Do you have a copy of Leon's 2011 gift tax return? EFTA_R1_00462637 EFTA01976467 Thanks. Elyse Elyse G. 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